EXHIBIT 10.z
FIFTEENTH AMENDMENT TO THE
HUFFY CORPORATION SUPPLEMENTAL/EXCESS BENEFIT PLAN
WHEREAS, Huffy Corporation (the "Sponsor") maintains the Huffy
Corporation Supplemental/Excess Benefit Plan (the "Plan") effective June 1,
1988; and
WHEREAS, the Sponsor desires to amend the Plan;
NOW, THEREFORE, the Sponsor adopts the following amendment to the Plan
effective as of August 1, 2003:
I. Section 5.2(c) of the Plan shall be amended in its entirety and
restated to read as follows:
(c) Except as set forth in paragraphs (1) and (2)
below, the Supplemental/Excess Benefit of a Senior Executive
Participant will be reduced to an Actuarial Equivalent (as
defined in Exhibit B) in the same manner and to the same
extent as benefits payable under the Retirement Plan.
Provided, however, that in the following circumstances the
Supplemental/Excess Benefit of a Senior Executive Participant
will be payable as described in paragraphs (1) and (2), as
applicable:
(1) If a Senior Executive Participant Severs
from Service within two years following a Change in
Control and begins to receive the Supplemental/Excess
Benefit on or after reaching age 58, then in
determining the Actuarial Equivalent of the Senior
Executive Participant's Supplemental/Excess Benefit
for the purposes of this Section, amounts payable to
the Senior Executive Participant will not be reduced
to reflect distributions before the Normal Retirement
Date, but will be reduced to reflect distributions in
a form other than the normal form of benefit.
(2) If a Senior Executive Participant has
reached age 60 and earned 10 or more years of
Credited Service (as determined under the Retirement
Plan, subject to additional Credited Service granted
under this Plan), then amounts payable to the Senior
Executive Participant will not be reduced to reflect
distributions before the Normal Retirement Date, but
will be reduced by 0.2083% for each month by which
the commencement of distributions precedes the date
on which the Senior Executive Participant reaches age
62. In addition, amounts payable to such a
participant will be reduced to reflect distributions
in a form other than the normal form of benefit.
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II. Paragraph (c) of the definition of "Actuarial Equivalent" as set forth
in Exhibit B shall be amended in its entirety and restated to read as
follows:
(c) For the purpose of calculating lump sum payments
under Article V, the interest rate used to determine the
Actuarial Equivalent as of any date shall be the effective
annual yield (as determined by the Sponsor) on Treasury
securities which mature on the earliest of (i) the date on
which the Participant will reach the Normal Retirement Date,
(ii) the date on which the sum of the Participant*s age and
Period of Service equals 85, or (iii) the date on which the
Participant has reached age 60 and earned 10 or more years of
Credited Service (as determined under the Retirement Plan,
subject to additional Credited Service granted under this
Plan). The mortality table used to calculate lump sum payments
under Article V shall be the "applicable mortality table"
provided for in Section 417(e)(3)(A)(ii)(I) of the Code, or
such other table as may be designated by the Sponsor from time
to time.
III. The definition of "Early Retirement" as set forth in Exhibit B shall be
amended in its entirety and restated to read as follows:
"Early Retirement" means if a Participant Retires
between (a) attaining age 55 and completing a Period of
Service of at least 5 Years and (b) his Normal Retirement
Date, he will be eligible to receive his Accrued Retirement
pension beginning on the Annuity Starting Date he elects. If
he elects an Annuity Starting Date which precedes his Normal
Retirement Date, his Accrued Retirement Pension will be
reduced to the Actuarial Equivalent of his Normal Retirement
Pension. However, if he has attained age 58 and if the sum of
his Period of Service and age at least equals 85, his benefit
will not be reduced to an Actuarial Equivalent if his Annuity
Starting Date precedes his Normal Retirement Date. Provided
further, that, as set forth in section 5.2(c)(2) of the Plan,
if the Participant has reached age 60 and earned 10 or more
years of Credited Service (as determined under the Retirement
Plan, subject to additional Credited Service granted under
this Plan) his benefit will not be reduced to an Actuarial
Equivalent if his Annuity Starting Date precedes his Normal
Retirement Date, but will be reduced in the manner and in the
amount set forth in section 5.2(c)(2) of the Plan.
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IV. In all other respects, the Plan shall remain unchanged.
IN WITNESS WHEREOF, the Sponsor has caused this instrument to be
executed as of this 25th day of August, 2003.
HUFFY CORPORATION
By: /s/ Timothy G. Howard
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Title: Vice President - Controller
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